Establishing a low risk incremental approach for setting Total Allowable Commercial Quotas (TACCs) (changing quotas) in the Western Rock Lobster Fishery, taking into account maximum economic yield and other industry objectives
The WRLC needs generally-accepted methods for setting the annual quota that is robust to many of the differences that exist throughout industry but underpins within an acceptable harvest range, resource sustainability. The approach to be adopted needs to take into account MEY analyses, changing price relationships in the market, known risks facing the rock lobster industry, future catch and biomass projections and limits on harvest rates. Uncertainty towards moving to a larger quota can be accommodated by adopting an iterative approach to quota setting built around better industry understanding of the market and other relevant factors. Ideally an annual quota setting process needs to be underpinned by sustainable stock conditions and take into account information derived from ongoing monitoring of market conditions and industry trends. This would enable risk factors to be taken into account balancing the competing requirements of optimising price, preventing oversupply and excessive price investment instability.
The failure of Industry to reach consensus on an agreed methods for future quota setting could result in other parties setting the agenda.
Preferably, as most of the financial risks fall within industry, the industry has a primary role in annual setting of quotas with a transparent accountable decision framework within an appropriate governance, reporting and dispute resolution framework (if necessary) that is supported by government and industry.
